Snapchat's $10 Billion Valuation 'Not Absurd' Says Twitter CEO

Reacting to the news that ephemeral messaging app Snapchat was moving fast toward a $20 million investment from Kleiner Perkins at a $10 billion valuation, Twitter CEO Dick Costolo is defending it – calling it "not absurd."

"Crazy growth, clear monetization path, & one of the best social product thinkers out there," he tweeted.

Snapchat at $10b not absurd. Crazy growth, clear monetization path, & one of the best social product thinkers out there. Long (figuratively)

The Wall Street Journal quoted sources familiar with the matter who say that not only is this new round of funding upcoming, but "DST Global, the Russian investment firm led by Yuri Milner, also invested in Snapchat earlier this year at a valuation of $7 billion."